TheStreet.com TV Recap: Give Capital One Credit

Capital One Financial (COF Quote), the latest company to get hit in the lending crisis, "is an interesting situation and potentially a buy," Jim Cramer said on TheStreet.com TV's Wall Street Confidential Web video Tuesday.

The credit card company "stumbled" on its North Fork (NFB Quote) acquisition "because they didn't really understand the mortgage market and they didn't really understand credit cards," he said. What Capital One wanted to do with the purchase was to "develop a steady source of money to be able to back up a deposit base."

That is what Capital One did with its acquisition of New Orleans-based Hibernia, and then it did it with North Fork and got the GreenPoint Mortgage business as part of the deal. ...